Why Is My Account Balance More Than My Available Balance?

Does your available balance include your overdraft?

Your available balance is the money you have available to spend, taking into account any pending payments and excluding any cheques that haven’t yet cleared.

From 24 November 2019, it does not include any arranged overdraft limit..

Is your available balance your actual balance?

Your ACTUAL balance is the amount of money that is actually in your account at any given time. … The available balance takes into account things like holds placed on deposits and pending transactions (such as pending debit card purchases) that Members Exchange has authorized but have not yet posted to your account.

Why isn’t my deposit showing up?

Another reason that your check or cash deposit may not be showing up as planned is that the bank put an exception hold on the funds, which allows it to hold the deposit for a period is longer than the standard hold periods established under the law.

How long can a bank hold funds?

How Long Can a Bank Hold Funds? Regulation CC permits banks to hold deposited funds for a “reasonable period of time,” which generally means: Up to two business days for on-us checks (meaning checks drawn against an account at the same bank) Up to five additional business days (totaling seven) for local checks.

How can we check your account balance online?

Log In Online To get started, navigate to your bank’s website and access your account information. You can also use a mobile app, as described below. In most cases, you’ll look for an option like “Login” or “Account Access.” If it’s your first visit, select options like “Register” or “First-time User.”

Do checks clear on Saturdays?

The good news is that checks generally clear fairly quickly, usually the day after you deposit the check at your bank (unless you make the deposit on a weekend, in which case you can expect to wait two days for the check to clear.) … Your financial institution requests the cash to cover the check from the payer’s bank.

What is the difference between available funds and account balance?

Available funds shows how much credit remains on your card. Pending balance is the total of transactions that have been made but are still being processed, which can take a few days to complete. Account balance is the total amount owing on your card (excluding any pending transactions).

Why is my bank account say balance unavailable?

Unavailable funds, which are also known as uncollected funds, essentially represent a certain amount deposited into an account that is yet to be cleared and/or reconciled by a respective banking institution. The institution needs to verify and account for the funds before they can be accessible to the account holder.

What is actual balance and available balance?

“Actual” Balance – The amount of money that is in your account at any given time. It reflects transactions that have posted to (cleared) your account, but not items that are outstanding. “Available” Balance – The amount of money in your account that is available for you to use.

Can you spend more than your available balance?

Your available balance is the amount you can spend right now. … Sometimes you’ll see an available balance that’s lower than your current balance. In those cases, you can only spend your available balance (or less if you have outstanding checks), and the rest of the money is being held by your financial institution.

How long does it take for my current balance to become available?

one to two daysThe current balance is what you have in your account all the time. This figure includes any transactions that have not cleared such as checks. Depending on both the issuing bank and the receiving bank’s policies, check deposits may take anywhere from one to two days to clear.

Can you spend money that is pending?

Therefore, when a deposit is pending, you cannot use any of the money. Only when a pending deposit is approved and added to your ‘available balance’ does it become accessible. Let’s be honest, there is something wonderful about depositing money into your bank account.

Can I withdraw account balance?

The answer is yes because your bank account balance shows you how much money you have in your account. That money is there for you withdraw or leave in place, perhaps in order to collect interest payments on it. The answer isn’t completely yes, though, because your balance may not be exactly what it seems.

What does it mean when it says current balance and available balance?

The current balance on your bank account is the total amount of money in the account. … Your available balance is your current balance minus any holds or debits that haven’t yet been posted to the account. If you have no holds or pending transactions, the two balances are likely the same.